The 2024–2025 New York State budget brings great news for eligible taxpayers—an additional payment based on the Empire State Child Credit. Receiving extra funds like this can be a real boost to your financial situation, and the best part is, if you qualify, the process is entirely automatic.
Eligibility
To qualify for the Additional Empire State Child Credit payment, you must meet the following criteria for the tax year 2023:
- Receive a Minimum Credit: You must have received at least $100 from the New York State Empire State Child Credit.
- File Your Return: You need to have filed your New York State income tax return (Form IT-201) by April 15, 2024, or have had a valid extension to file your return.
If you meet these requirements, the New York State Department of Taxation and Finance will calculate the additional payment you’re entitled to and send it to you without any action needed on your part.
Payment Timeline
The Department of Taxation and Finance will start mailing checks to eligible taxpayers beginning in August 2024. The process will continue as they work through tax returns, so be sure to keep an eye on your mailbox for a check. Unfortunately, they cannot provide a specific delivery schedule, and their Contact Center representatives won’t have any additional details about when exactly you will receive your payment.
Payment Amount
The amount of your Additional Empire State Child Credit check is based on your 2023 Empire State Child Credit. The additional payment could be anywhere from 25% to 100% of the amount you received for the credit in 2023. The exact percentage depends on your income, which you can estimate using your tax return.
Estimating Your Payment
To estimate your check, you’ll need to gather some information from your 2023 New York State income tax return (Form IT-201). Here’s what to do:
- Review Your Return: If you have a copy of your tax return, look it over to find the relevant information.
- Access Online: If you filed electronically, log in to your tax software to view a copy of your return.
- Contact Your Preparer: If you used a tax preparer, you could request the information from them.
It’s important to note that the actual amount you receive might differ from your estimate if there were any adjustments to the credit claimed on your return. If the Department of Taxation and Finance made changes, use the corrected amount found in the account adjustment letter (DTF-160) or any bill they sent you.
Determining Your Payment
To determine if you’re eligible for the additional payment and to calculate the amount, follow these steps:
- Check Line 63: Start by looking at line 63 (Empire State Child Credit) on your 2023 tax return. If the amount on line 63 is less than $100, you’re not eligible for this additional payment.
- Find Line 19: Next, locate the amount on line 19 of your return, which indicates your income level.
- Use the Chart: Refer to the following chart to determine the percentage of your Empire State Child Credit that you’ll receive as an additional payment:
| Line 19 Amount | Additional Payment Percentage |
|---|---|
| Less than $10,000 | 100% |
| $10,000 to $24,999 | 75% |
| $25,000 to $49,999 | 50% |
| $50,000 and above | 25% |
- Calculate Your Payment: Multiply the amount on line 63 by the percentage corresponding to your line 19 amount. This will give you an estimate of your additional payment.
Example Calculation
Let’s say Taxpayer A has a line 19 amount of $18,000 and a line 63 amount of $330. Since $18,000 falls between $10,000 and $24,999, Taxpayer A would receive 75% of their Empire State Child Credit amount. So, their additional payment would be 75% of $330, which equals $247.50.
Stay Informed
This additional payment is a great way to enhance your financial stability, but it’s essential to stay informed and make sure you meet the eligibility requirements. By knowing how to calculate your payment and when to expect it, you can better plan your finances for the coming months. Keep an eye on your mailbox, and be sure to review your tax return carefully to ensure you’re getting all the benefits you’re entitled to.
FAQs
When will the Additional Empire State Child Credit payment arrive?
Payments will start in August 2024 and continue as tax returns are processed.
How can I estimate my additional payment?
Use your 2023 tax return and the provided percentage chart to calculate.
What if my line 63 amount is under $100?
Unfortunately, you won’t be eligible for the additional payment.
Can I check my payment status with the Contact Center?
No, the Contact Center cannot provide specific payment schedules or amounts.
What if my credit was adjusted after filing?
Use the corrected amount from any adjustment letter or bill to estimate your payment.
